Small Business: Product Development

Normally small businesses are not very structured and do not have a defined product development strategy, most of the time the business owners operates in a fire-fighting mode, moving from issue to issue.

It all works out in the end, but it does take a toll on the energy of the entrepreneur. It is wise to operate – even if you are a one man army – like a corporation.

Having functions, responsibilities, and job descriptions like formally structured organization is very advantageous. One of the key most function, and often overlooked, is the product development here are a few ideas on how to approach this phenomena in your small business.

Product development strategy:

Your planning before launching of the product is known as product strategy. Described in a few words this planning is the core base of success of your product. In this phase you decide about the design, name, shape and all other aspects regarding your brand.

 

Product strategy needs to be very comprehensive. In short it should answer the “who, what, where, when, and how” for each of the 4Ps of marketing – product, price, place, and promotion.

So develop a strategy to define a an overall scope and provide the direction of your all future offerings.

Customer orientation:

Keep in mind what kind of customers do you want. If you think that all of the people living on earth are your customers then immediately change your thinking because one being a small business you can not cater to the market in this manner, and secondly small business prosper and boom when the aim to serve a smaller niche market or need.

Even large corporations these day, micro market and target their products, through the help of data mining. This will help you in improving your product according to the taste of the market.

For instance, if you are a bakery that caters to retirement homes, then low-fat and sugar-free products may be more popular. If you were closer to a Kindergarten then perhaps focusing on No Additive, No preservatives, and Vitamin Rich products maybe a good idea to encourage.

Communication:

As always communication is one of the key most element of any strategy or planning – and two-way communication just tops the charts. However let me, add an additional dimension as part of communication – learning. Communicate could mean inform or share information with your customers, clients, partners, and employees. From the product development point of view – just sharing is not good enough – it should be learning process.

Finding out the exact need of your customers, and how this need can be better serves if the key factor that would earn you money. This is what will make your product strategy viable and profitable.

So the more information you share with them – try to incorporate the feedback into your learning process.

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Mani Masood

A seasoned professional in IT, Cybersecurity, and Applied AI, with a distinguished career spanning over 20+ years. Mr. Masood is highly regarded for his contributions to the field, holding esteemed affiliations with notable organizations such as the New York Academy of Sciences and the IEEE – Computer and Information Theory Society. His career and contributions underscores his commitment to advancing research and development in technology.

Mani Masood

A seasoned professional in IT, Cybersecurity, and Applied AI, with a distinguished career spanning...